Online Mortgage Apps Easier Than Dating?

April 16, 2018

Americans have more confidence in their ability to apply for a mortgage online than date over the internet, according to Bank of America’s latest Homebuyer Insights Report. Thirty-two percent of the roughly 2,000 respondents to the survey indicate being “comfortable” applying for a mortgage digitally, while 20 percent say the same about online dating. 

Fifty-two percent say they either would apply or have already applied for a mortgage via a mobile app or website. Most respondents say they are comfortable using technology throughout the homebuying process, specifically using a real estate app (78 percent), taking a video tour of a home (48 percent), and attending an open house using virtual reality (36 percent).

Consumers believe that over the next decade, technology will play an even bigger role in home purchases. For example, they cite expectations that smart-home and energy-efficient features will be a standard in new construction; mortgage applications will be entirely paperless; open houses will be conducted entirely through virtual reality; and all appraisals will be performed via drones. 

Bank of America is using the survey results to tout its new Digital Mortgage Experience, which enables consumers to apply for a mortgage online, access lending specialists instantly, personalize loan terms, and lock in interest rates. 

Source: Bank of America’s Homebuyer Insights Report